Mass. Regulator Found Lacking In Actions Against Brokers, Lenders

Between Jan. 1, 2007, and June 1 of this year, the Massachusetts Division of Banks took serious actions against less than 3% of the brokers and lenders it was supposed to regulate, according to a new report from the New England Center of Investigative Reporting at Boston University.

Such actions include revoking and suspending mortgage licenses. When compared to other New England states, Massachusetts took the fewest actions – 43. During that same time, Connecticut took 501 actions, Rhode Island took 173 actions, New Hampshire took 100 actions, Maine took 53 actions and Vermont took 52 actions.

Additionally, the Boston University center found that broker and lender examinations by the Massachusetts regulator actually dropped between 2006 and 2008.

Division of Banks Commissioner Steven Antonakes declined to comment for the report.